Oil price rise costs Turkey $300 million: Energy minister

ANKARA – Hürriyet Daily News

Energy Minister Taner Yıldız. DHA Photo

The recent jump in oil prices has already cost Turkey a $300 million, the country’s energy minister has said.

“Do not underestimate Egypt, saying it’s far. A $300-million burden has emerged on Turkey’s energy expenses due to the oil prices’ jump aroused by the Egyptian incidents,” Energy Minister Taner Yıldız said, during his speech at the opening ceremony of geothermal resources in the capital Ankara today.

Brent crude oil price was $103 a barrel, now it has surpassed $113, Yıldız said, reminding that Turkey bought oil with foreign currency but sold in Turkish Liras.

Oil has jumped this week to multi-month highs on fears that the potential strike on Syria could spread unrest to major oil producers in the Middle East and disrupt supply.

As it became clear an imminent strike by the West in response to last week’s alleged chemical weapons attack was less likely, Brent crude ended its strongest two-day gain since January 2012 and edged back to below $116 a barrel.